Iceland will soon use more energy mining bitcoins than powering its homes

Updated

February 14, 2018 17:11:19

The amount of power used to mine bitcoin in Iceland is set to overtake the country’s entire domestic power usage this year, a local energy company has claimed.

Business development manager at Iceland’s HS Orka Johann Snorri Sigurbergsson said electricity use at mining data centres was gobbling up the small nation’s power resources.

And the demand would only grow with many potential customers drawn to the nation to mine the cryptocurrency.

“If all these projects are realised, we won’t have enough energy for it,” he told the BBC.

The country’s small population of about 340,000 people has seen an increase in new data centres keen to capitalise…


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